Texas Mortgage Rates today
Are you a Texas first time home buyer? Are you wondering about the current mortgage rates Texas? Are you a repeat home buyer looking at competitive mortgage interest rates in Texas? You are at the right place. The Total Mortgage team will walk you through the maze of financing options in Texas, ensuring you get the best fit for your needs. Whether looking at down payment assistance programs in Texas or a first-time home buyer with no down payment Texas program, you will find the best deals here. Contact us now to learn more about mortgage rates in Texas and how they might help you move into your dream home!
If you have any questions about securing the best mortgage rates in Texas, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for Texas
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5.875%
6.621% APR
$3,014/mo
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6.625%
7.109% APR
$2,305/mo
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6.000%
7.054% APR
$2,345/mo
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6.375%
7.381% APR
$2,246/mo
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6.000%
6.624% APR
$2,185/mo
infoLatest revision - November 20 2024 12:30pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What are the current mortgage rates in Texas?
Check our digital pages twice a day for current mortgage rates in Texas. We tell visitors that they will receive rapid reflections of the mortgage market's pulse, allowing them to make confident lending decisions.
How do Texas interest rates affect mortgages in the state?
Whether elevated or reduced, the mortgage interest rates in Texas, which define lending in the state, ultimately determine the affordability of property ownership for state citizens. While high rates lead to more significant long-term expenses due to larger payments, low rates bring affordability to the housing industry by reducing financial pressures and assisting households in achieving the American goal of home ownership.
Texas first-time homebuyer loan programs
TDHCA My First Texas Home
A low-interest 30-year mortgage and a down payment of up to 5% are included in this first-time homebuyer program in Texas. An FHA loan, VA loan, and USDA loan are available under this program.
The TDHCA program offers down payment assistance Texas interest-free. This assistance must be paid back when you sell or refinance the house.
Other requirements are -
- A credit score of 620.
- You must fulfill the basic income and purchase cost conditions per the TDHCA program, which vary by county.
- You also need to complete a homebuyer education course.
- It is available to veterans, first-time home buyers, and people who have never had a home within the past three years.
TDHCA My Choice Texas Home
Whether you are a Texas first-time homebuyer, the My Choice Texas Home program from TDHCA provides a low-rate mortgage and up to 5 percent to pay your closing costs and down payment. It is a zero-interest, no monthly payment, second mortgage.
This first-time home buyer Texas no-down payment program includes an FHA, VA, or USDA loan and a Fannie Mae HFA Preferred conventional loan. Your credit score might be as low as 620, and you will still be eligible. However, it would help if you met the income and purchase price criteria.
TSAHC Home Sweet Texas Home Loan Program
The Home Sweet Texas, Home Loan Program, provides potential homeowners noteworthy financial support through the Texas State Affordable Housing Corporation. Fixed-rate mortgages are offered alongside down payment assistance programs in Texas that can reach up to 5% of the home's purchase price. It can be bestowed as a non-repayable grant or as a secondary loan carrying no interest or monthly obligations. Intriguingly, this supplementary loan would not necessitate repayment for three full years. Yet, the funds must be reimbursed if the domicile were to be sold or the primary mortgage refinanced beforehand.
This Texas homeowners assistance fund has the power to facilitate securing desirable and affordable loan types distributed by respected entities, including Fannie Mae, Freddie Mac, FHA, VA, or USDA. Prior experience as a homeowner is optional for qualification. Maintaining a credit rating of at least 620 remains mandatory, coupled with satisfying constraints involving factors such as location, household size, and whether the prospective residence is in a prioritized or standard area.
TSAHC Homes for Texas Heroes Program
Suppose you work as a public servant in a role such as an educator, law enforcer, or firefighter or have honorably served our armed forces. In that case, you may be qualified for the Homes for Texas Heroes Program administered by TSAHC. This Texas housing assistance loan offers eligible individuals a 30-year mortgage with down payment assistance programs in Texas of up to 5 percent of the home's price. Like TSAHC's Home Sweet Texas Home Loan Program, this monetary aid can be a grant or a secondary loan. Repeat home buyers can apply, too. Income and value restrictions do apply.
Texas Down Payment Assistance
Local Texas homebuyer assistance
While TDHCA's and TSAHC programs can be paired with down payment assistance, several municipalities in the Lone Star State may also offer support, especially for those purchasing a domicile locally.
Novice homebuyers in Austin could be eligible for as much as $40,000 to help with closing expenses and their initial investment through a forgivable loan from the city itself. To qualify, your income must be under $65,450 if you are alone, the ceiling rises in line with family size, and the residence must be within municipal limits. Additionally, the cost must be at most $614,054.70.
Other Texas Homebuyer Programs
Mortgage credit certificate (MCC)
A mortgage credit certificate offers first-time homeowners and veterans a federal tax credit for a portion of annual mortgage interest payments. The credit is up to $2,000 yearly, providing savings to purchasers of eligible primary residences. While often combined with particular first-time buyer loans from specific state programs, the certificate requires solely meeting income thresholds and maximum home values. Veterans and novice property owners may receive tax relief whether opting for a conventional, government-backed, or alternative mortgage option.
FHA Loans
FHA loans are perfect if your credit score isn't top-notch or your savings are limited. For consumers with little funds for a down payment, FHA loans provide an affordable option, which only needs 3.5 percent down and has a minimum credit score 580.
VA Loans
For those who served, VA loans offer an enticing opportunity to purchase a home free of down payment obligations. Thanks to this VA home loan benefit, no upfront money is necessary for military members and veterans.
USDA Loans
A down payment is optional for potential homeowners targeting rural properties under the USDA loan program. Accessible areas may be limited, but creditworthiness is key—scores of 640 or higher enhance eligibility.
Good Neighbor Next Door program
Certain areas present the twofold advantage of relaxed down payment minimums and the bonus of homes discounted 50 percent off the list price. Savings abound under this unique HUD program for those able to qualify by location.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
